We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Babcock and Wilcox Enterprises Inc | NYSE:BW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.09 | 8.33% | 1.17 | 1.22 | 1.06 | 1.07 | 1,796,573 | 22:50:40 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
DELAWARE
|
|
47-2783641
|
(State or other Jurisdiction of Incorporation or Organization)
|
|
(I.R.S. Employer Identification No.)
|
|
||
THE HARRIS BUILDING
|
|
|
13024 BALLANTYNE CORPORATE PLACE, SUITE 700
|
|
|
CHARLOTTE, NORTH CAROLINA
|
|
28277
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Large accelerated filer
|
|
x
|
|
Accelerated filer
|
|
¨
|
|
|
|
|
|||
Non-accelerated filer
|
|
¨
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
¨
|
|
|
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
¨
|
|
|
PAGE
|
|
||
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands, except per share amounts)
|
2017
|
|
2016
|
||||
Revenues
|
$
|
391,104
|
|
|
$
|
404,116
|
|
Costs and expenses:
|
|
|
|
||||
Cost of operations
|
328,204
|
|
|
323,960
|
|
||
Selling, general and administrative expenses
|
67,022
|
|
|
58,714
|
|
||
Restructuring activities and spin-off transaction costs
|
3,032
|
|
|
4,010
|
|
||
Research and development costs
|
2,262
|
|
|
2,842
|
|
||
Total costs and expenses
|
400,520
|
|
|
389,526
|
|
||
Equity in income of investees
|
618
|
|
|
2,676
|
|
||
Operating income (loss)
|
(8,798
|
)
|
|
17,266
|
|
||
Other income (expense):
|
|
|
|
||||
Interest income
|
113
|
|
|
290
|
|
||
Interest expense
|
(1,750
|
)
|
|
(399
|
)
|
||
Other – net
|
(373
|
)
|
|
62
|
|
||
Total other income (expense)
|
(2,010
|
)
|
|
(47
|
)
|
||
Income (loss) before income tax expense
|
(10,808
|
)
|
|
17,219
|
|
||
Income tax expense (benefit)
|
(3,967
|
)
|
|
6,626
|
|
||
Net income (loss)
|
(6,841
|
)
|
|
10,593
|
|
||
Net income attributable to noncontrolling interest
|
(204
|
)
|
|
(86
|
)
|
||
Net income (loss) attributable to shareholders
|
$
|
(7,045
|
)
|
|
$
|
10,507
|
|
|
|
|
|
||||
Basic earnings (loss) per share
|
$
|
(0.14
|
)
|
|
$
|
0.20
|
|
|
|
|
|
||||
Diluted earnings (loss) per share
|
$
|
(0.14
|
)
|
|
$
|
0.20
|
|
|
|
|
|
||||
Shares used in the computation of earnings per share:
|
|
|
|
||||
Basic
|
48,740
|
|
|
51,627
|
|
||
Diluted
|
48,740
|
|
|
52,221
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2017
|
|
2016
|
||||
Net income (loss)
|
$
|
(6,841
|
)
|
|
$
|
10,593
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Currency translation adjustments, net of taxes
|
5,417
|
|
|
1,740
|
|
||
|
|
|
|
||||
Derivative financial instruments:
|
|
|
|
||||
Unrealized gains (losses) on derivative financial instruments
|
5,901
|
|
|
3,210
|
|
||
Income taxes
|
1,314
|
|
|
634
|
|
||
Unrealized gains on derivative financial instruments, net of taxes
|
4,587
|
|
|
2,576
|
|
||
Derivative financial instrument (gains) losses reclassified into net income
|
(4,898
|
)
|
|
(1,304
|
)
|
||
Income taxes
|
(1,055
|
)
|
|
(301
|
)
|
||
Reclassification adjustment for (gains) losses included in net income, net of taxes
|
(3,843
|
)
|
|
(1,003
|
)
|
||
|
|
|
|
||||
Benefit obligations:
|
|
|
|
||||
Unrealized gains (losses) on benefit obligations
|
(44
|
)
|
|
(61
|
)
|
||
Income taxes
|
—
|
|
|
—
|
|
||
Unrealized gains (losses) on benefit obligations, net of taxes
|
(44
|
)
|
|
(61
|
)
|
||
Amortization of benefit plan costs (benefits)
|
(873
|
)
|
|
(404
|
)
|
||
Income taxes
|
9
|
|
|
(465
|
)
|
||
Amortization of benefit plan costs (benefits), net of taxes
|
(882
|
)
|
|
61
|
|
||
|
|
|
|
||||
Investments:
|
|
|
|
||||
Unrealized gains (losses) on investments
|
90
|
|
|
42
|
|
||
Income taxes
|
29
|
|
|
24
|
|
||
Unrealized gains (losses) on investments, net of taxes
|
61
|
|
|
18
|
|
||
Investment gains reclassified into net income
|
(43
|
)
|
|
1
|
|
||
Income taxes
|
(16
|
)
|
|
—
|
|
||
Reclassification adjustments for losses included in net income, net of taxes
|
(27
|
)
|
|
1
|
|
||
|
|
|
|
||||
Other comprehensive income (loss)
|
5,269
|
|
|
3,332
|
|
||
Total comprehensive income (loss)
|
(1,572
|
)
|
|
13,925
|
|
||
Comprehensive loss attributable to noncontrolling interest
|
(190
|
)
|
|
(39
|
)
|
||
Comprehensive income (loss) attributable to shareholders
|
$
|
(1,762
|
)
|
|
$
|
13,886
|
|
(in thousands, except per share amount)
|
March 31, 2017
|
|
December 31, 2016
|
||||
Cash and cash equivalents
|
$
|
46,270
|
|
|
$
|
95,887
|
|
Restricted cash and cash equivalents
|
24,960
|
|
|
27,770
|
|
||
Accounts receivable – trade, net
|
311,156
|
|
|
282,347
|
|
||
Accounts receivable – other
|
68,361
|
|
|
73,756
|
|
||
Contracts in progress
|
161,149
|
|
|
166,010
|
|
||
Inventories
|
89,330
|
|
|
85,807
|
|
||
Other current assets
|
46,269
|
|
|
45,957
|
|
||
Total current assets
|
747,495
|
|
|
777,534
|
|
||
Net property, plant and equipment
|
147,016
|
|
|
133,637
|
|
||
Goodwill
|
283,714
|
|
|
267,395
|
|
||
Deferred income taxes
|
155,848
|
|
|
163,388
|
|
||
Investments in unconsolidated affiliates
|
101,634
|
|
|
98,682
|
|
||
Intangible assets
|
85,376
|
|
|
71,039
|
|
||
Other assets
|
16,757
|
|
|
17,468
|
|
||
Total assets
|
$
|
1,537,840
|
|
|
$
|
1,529,143
|
|
|
|
|
|
||||
Foreign revolving credit facilities
|
$
|
12,647
|
|
|
$
|
14,241
|
|
Accounts payable
|
224,988
|
|
|
220,737
|
|
||
Accrued employee benefits
|
40,355
|
|
|
35,497
|
|
||
Advance billings on contracts
|
158,344
|
|
|
210,642
|
|
||
Accrued warranty expense
|
42,844
|
|
|
40,467
|
|
||
Other accrued liabilities
|
68,034
|
|
|
95,954
|
|
||
Total current liabilities
|
547,212
|
|
|
617,538
|
|
||
Pension and other accumulated postretirement benefit liabilities
|
295,954
|
|
|
301,259
|
|
||
United States revolving credit facility
|
90,000
|
|
|
9,800
|
|
||
Other noncurrent liabilities
|
40,579
|
|
|
39,595
|
|
||
Total liabilities
|
973,745
|
|
|
968,192
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Common stock, par value $0.01 per share, authorized 200,000 shares; issued 48,832 and 48,688 shares at March 31, 2017 and December 31, 2016, respectively
|
547
|
|
|
544
|
|
||
Capital in excess of par value
|
812,159
|
|
|
806,589
|
|
||
Treasury stock at cost, 5,673 and 5,592 shares at March 31, 2017 and
December 31, 2016, respectively
|
(104,662
|
)
|
|
(103,818
|
)
|
||
Retained deficit
|
(121,729
|
)
|
|
(114,684
|
)
|
||
Accumulated other comprehensive loss
|
(31,213
|
)
|
|
(36,482
|
)
|
||
Stockholders' equity attributable to shareholders
|
555,102
|
|
|
552,149
|
|
||
Noncontrolling interest
|
8,993
|
|
|
8,802
|
|
||
Total stockholders' equity
|
564,095
|
|
|
560,951
|
|
||
Total liabilities and stockholders' equity
|
$
|
1,537,840
|
|
|
$
|
1,529,143
|
|
|
Three Months Ended March 31,
|
||||||
(in thousands)
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
||||||
Net income (loss)
|
$
|
(6,841
|
)
|
|
$
|
10,593
|
|
Non-cash items included in net income (loss):
|
|
|
|
||||
Depreciation and amortization of long-lived assets
|
11,582
|
|
|
6,293
|
|
||
Debt issuance costs amortization
|
345
|
|
|
311
|
|
||
Income of equity method investees
|
(618
|
)
|
|
(2,676
|
)
|
||
Losses on asset disposals and impairments, net
|
655
|
|
|
—
|
|
||
Provision for (benefit from) deferred income taxes
|
(1,023
|
)
|
|
35
|
|
||
Recognition of losses (gains) for pension and postretirement plans
|
189
|
|
|
(9
|
)
|
||
Stock-based compensation, net of associated income taxes
|
4,230
|
|
|
4,918
|
|
||
Changes in assets and liabilities, net of effects of acquisitions:
|
|
|
|
||||
Accounts receivable
|
(5,833
|
)
|
|
17,493
|
|
||
Contracts in progress and advance billings on contracts
|
(45,123
|
)
|
|
(46,113
|
)
|
||
Inventories
|
1,616
|
|
|
(998
|
)
|
||
Income taxes
|
3,338
|
|
|
(400
|
)
|
||
Accounts payable
|
(850
|
)
|
|
(16,024
|
)
|
||
Accrued and other current liabilities
|
(33,717
|
)
|
|
1,340
|
|
||
Pension liabilities, accrued postretirement benefits and employee benefits
|
(2,461
|
)
|
|
(14,977
|
)
|
||
Other, net
|
(251
|
)
|
|
2,270
|
|
||
Net cash from operating activities
|
(74,762
|
)
|
|
(37,944
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of property, plant and equipment
|
(4,459
|
)
|
|
(4,043
|
)
|
||
Acquisition of business, net of cash acquired
|
(52,547
|
)
|
|
—
|
|
||
Purchases of available-for-sale securities
|
(10,681
|
)
|
|
(7,982
|
)
|
||
Sales and maturities of available-for-sale securities
|
15,696
|
|
|
6,543
|
|
||
Other
|
(233
|
)
|
|
(678
|
)
|
||
Net cash from investing activities
|
(52,224
|
)
|
|
(6,160
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Borrowings under our United States revolving credit facility
|
255,393
|
|
|
—
|
|
||
Repayments of our United States revolving credit facility
|
(175,193
|
)
|
|
—
|
|
||
Borrowings under our foreign revolving credit facilities
|
183
|
|
|
—
|
|
||
Repayments of our foreign revolving credit facilities
|
(2,157
|
)
|
|
1,065
|
|
||
Shares of our common stock returned to treasury stock
|
(844
|
)
|
|
(36,284
|
)
|
||
Other
|
(1,338
|
)
|
|
(2
|
)
|
||
Net cash from financing activities
|
76,044
|
|
|
(35,221
|
)
|
||
Effects of exchange rate changes on cash
|
1,325
|
|
|
950
|
|
||
Net increase (decrease) in cash and equivalents
|
(49,617
|
)
|
|
(78,375
|
)
|
||
Cash and equivalents, beginning of period
|
95,887
|
|
|
365,192
|
|
||
Cash and equivalents, end of period
|
$
|
46,270
|
|
|
$
|
286,817
|
|
|
Three Months Ended March 31,
|
|||||
(in thousands, except per share amounts)
|
2017
|
2016
|
||||
Net income (loss) attributable to shareholders
|
$
|
(7,045
|
)
|
$
|
10,507
|
|
|
|
|
||||
Weighted average shares used to calculate basic earnings per share
|
48,740
|
|
51,627
|
|
||
Dilutive effect of stock options, restricted stock and performance shares
(1)
|
—
|
|
594
|
|
||
Weighted average shares used to calculate diluted earnings per share
|
48,740
|
|
52,221
|
|
||
|
|
|
||||
Basic earnings (loss) per share:
|
$
|
(0.14
|
)
|
$
|
0.20
|
|
|
|
|
||||
Diluted earnings (loss) per share:
|
$
|
(0.14
|
)
|
$
|
0.20
|
|
•
|
Power segment
:
focused on the supply of and aftermarket services for steam-generating, environmental and auxiliary equipment for power generation and other industrial applications.
|
•
|
Renewable segment
:
focused on the supply of steam-generating systems, environmental and auxiliary equipment for the waste-to-energy and biomass power generation industries.
|
•
|
Industrial segment
:
focused on custom-engineered cooling, environmental and other industrial equipment along with related aftermarket services.
|
|
Three Months Ended March 31,
|
|||||
(in thousands)
|
2017
|
2016
|
||||
Revenues:
|
|
|
||||
Power segment
|
$
|
196,296
|
|
$
|
288,703
|
|
Renewable segment
|
105,536
|
|
83,773
|
|
||
Industrial segment
|
92,217
|
|
32,466
|
|
||
Eliminations
|
(2,945
|
)
|
(826
|
)
|
||
|
391,104
|
|
404,116
|
|
||
Gross profit:
|
|
|
||||
Power segment
|
42,963
|
|
59,532
|
|
||
Renewable segment
|
10,594
|
|
13,379
|
|
||
Industrial segment
|
15,315
|
|
7,756
|
|
||
Intangible asset amortization expense included in cost of operations
|
(5,018
|
)
|
(511
|
)
|
||
Mark to market loss included in cost of operations
|
(954
|
)
|
—
|
|
||
|
62,900
|
|
80,156
|
|
||
Selling, general and administrative expenses
|
(65,922
|
)
|
(57,687
|
)
|
||
Restructuring activities and spin-off transaction costs
|
(3,032
|
)
|
(4,010
|
)
|
||
Research and development costs
|
(2,262
|
)
|
(2,842
|
)
|
||
Intangible asset amortization expense included in SG&A
|
(994
|
)
|
(1,027
|
)
|
||
Mark to market (loss) gain included in SG&A
|
(106
|
)
|
—
|
|
||
Equity in income of investees
|
618
|
|
2,676
|
|
||
Operating income (loss)
|
$
|
(8,798
|
)
|
$
|
17,266
|
|
(in thousands)
|
Estimated Acquisition
Date Fair Value
|
||
Cash
|
$
|
4,379
|
|
Accounts receivable
|
11,270
|
|
|
Contracts in progress
|
3,167
|
|
|
Inventories
|
4,585
|
|
|
Other assets
|
579
|
|
|
Property, plant and equipment
|
16,692
|
|
|
Goodwill
|
14,413
|
|
|
Identifiable intangible assets
|
19,500
|
|
|
Deferred income tax assets
|
935
|
|
|
Current liabilities
|
(10,833
|
)
|
|
Other noncurrent liabilities
|
(1,423
|
)
|
|
Deferred income tax liabilities
|
(6,338
|
)
|
|
Net acquisition cost
|
$
|
56,926
|
|
(in thousands)
|
Estimated
Fair Value
|
|
Weighted Average
Estimated Useful Life
(in Years)
|
||
Customer relationships
|
$
|
10,800
|
|
|
15
|
Backlog
|
1,700
|
|
|
1
|
|
Trade names / trademarks
|
3,000
|
|
|
20
|
|
Technology
|
4,000
|
|
|
7
|
|
Total amortizable intangible assets
|
$
|
19,500
|
|
|
|
|
Three Months Ended March 31,
|
Twelve Months Ended December 31,
|
||||
(in thousands)
|
2016
|
2016
|
||||
Revenues
|
$
|
424,373
|
|
$
|
1,660,986
|
|
Net income (loss) attributable to B&W
|
10,602
|
|
(113,940
|
)
|
||
Basic earnings per common share
|
0.21
|
|
(2.27
|
)
|
||
Diluted earnings per common share
|
0.20
|
|
(2.27
|
)
|
•
|
A net increase in amortization expense related to timing of amortization of the fair value of identifiable intangible assets acquired of
$1.4 million
and
$2.8 million
in the three months ended
March 31, 2016
and the twelve months ended
December 31, 2016
, respectively.
|
•
|
Elimination of the historical interest expense recognized by Universal of
$0.1 million
and
$0.4 million
in the three months ended
March 31, 2016
and the twelve months ended
December 31, 2016
, respectively.
|
•
|
Elimination of
$0.5 million
in transaction related costs recognized in the twelve months ended
December 31, 2016
.
|
|
Three Months Ended March 31,
|
|||||
(in thousands)
|
2017
|
2016
|
||||
Increases in estimates for percentage-of-completion contracts
|
$
|
15,092
|
|
$
|
12,400
|
|
Decreases in estimates for percentage-of-completion contracts
|
(8,963
|
)
|
(4,300
|
)
|
||
Net changes in estimates for percentage-of-completion contracts
|
$
|
6,129
|
|
$
|
8,100
|
|
|
Three Months Ended March 31,
|
|||||
(in thousands)
|
2017
|
2016
|
||||
Balance at beginning of period
|
$
|
2,254
|
|
$
|
740
|
|
Restructuring expense
|
1,970
|
|
2,147
|
|
||
Payments
|
(3,527
|
)
|
(2,727
|
)
|
||
Balance at March 31
|
$
|
697
|
|
$
|
160
|
|
(in thousands)
|
Currency translation gain (loss)
|
|
Net unrealized gain (loss) on investments (net of tax)
|
|
Net unrealized gain (loss) on derivative instruments
|
|
Net unrecognized gain (loss) related to benefit plans (net of tax)
|
|
Total
|
||||||||||
Balance at December 31, 2015
|
$
|
(19,493
|
)
|
|
$
|
(44
|
)
|
|
$
|
1,786
|
|
|
$
|
(1,102
|
)
|
|
$
|
(18,853
|
)
|
Other comprehensive income (loss) before reclassifications
|
1,740
|
|
|
18
|
|
|
2,576
|
|
|
(61
|
)
|
|
4,273
|
|
|||||
Amounts reclassified from AOCI to net income (loss)
|
—
|
|
|
1
|
|
|
(1,003
|
)
|
|
61
|
|
|
(941
|
)
|
|||||
Net current-period other comprehensive income
|
1,740
|
|
|
19
|
|
|
1,573
|
|
|
—
|
|
|
3,332
|
|
|||||
Balance at March 31, 2016
|
$
|
(17,753
|
)
|
|
$
|
(25
|
)
|
|
$
|
3,359
|
|
|
$
|
(1,102
|
)
|
|
$
|
(15,521
|
)
|
(in thousands)
|
Currency translation gain (loss)
|
|
Net unrealized gain (loss) on investments (net of tax)
|
|
Net unrealized gain (loss) on derivative instruments
|
|
Net unrecognized gain (loss) related to benefit plans (net of tax)
|
|
Total
|
||||||||||
Balance at December 31, 2016
|
$
|
(43,987
|
)
|
|
$
|
(37
|
)
|
|
$
|
802
|
|
|
$
|
6,740
|
|
|
$
|
(36,482
|
)
|
Other comprehensive income (loss) before reclassifications
|
5,417
|
|
|
61
|
|
|
4,587
|
|
|
(44
|
)
|
|
10,021
|
|
|||||
Amounts reclassified from AOCI to net income (loss)
|
—
|
|
|
(27
|
)
|
|
(3,843
|
)
|
|
(882
|
)
|
|
(4,752
|
)
|
|||||
Net current-period other comprehensive income (loss)
|
5,417
|
|
|
34
|
|
|
744
|
|
|
(926
|
)
|
|
5,269
|
|
|||||
Balance at March 31, 2017
|
$
|
(38,570
|
)
|
|
$
|
(3
|
)
|
|
$
|
1,546
|
|
|
$
|
5,814
|
|
|
$
|
(31,213
|
)
|
AOCI Component
|
Line Items in the Condensed Consolidated Statements of Operations Affected by Reclassifications from AOCI
|
Three Months Ended March 31,
|
|||||
2017
|
2016
|
||||||
Derivative financial instruments
|
Revenues
|
$
|
5,288
|
|
$
|
1,323
|
|
|
Cost of operations
|
3
|
|
(23
|
)
|
||
|
Other-net
|
(393
|
)
|
4
|
|
||
|
Total before tax
|
4,898
|
|
1,304
|
|
||
|
Provision for income taxes
|
1,055
|
|
301
|
|
||
|
Net income (loss)
|
$
|
3,843
|
|
$
|
1,003
|
|
|
|
|
|
||||
Amortization of prior service cost on benefit obligations
|
Cost of operations
|
$
|
873
|
|
$
|
404
|
|
|
Provision for income taxes
|
(9
|
)
|
465
|
|
||
|
Net income (loss)
|
$
|
882
|
|
$
|
(61
|
)
|
|
|
|
|
||||
Realized gain on investments
|
Other-net
|
$
|
43
|
|
$
|
(1
|
)
|
|
Provision for income taxes
|
16
|
|
—
|
|
||
|
Net income (loss)
|
$
|
27
|
|
$
|
(1
|
)
|
(in thousands)
|
March 31, 2017
|
December 31, 2016
|
||||
Held by foreign entities
|
$
|
35,462
|
|
$
|
94,415
|
|
Held by United States entities
|
10,808
|
|
1,472
|
|
||
Cash and cash equivalents
|
$
|
46,270
|
|
$
|
95,887
|
|
|
|
|
||||
Reinsurance reserve requirements
|
$
|
19,243
|
|
$
|
21,189
|
|
Restricted foreign accounts
|
5,717
|
|
6,581
|
|
||
Restricted cash and cash equivalents
|
$
|
24,960
|
|
$
|
27,770
|
|
(in thousands)
|
March 31, 2017
|
December 31, 2016
|
||||
Raw materials and supplies
|
$
|
66,981
|
|
$
|
61,630
|
|
Work in progress
|
6,579
|
|
6,803
|
|
||
Finished goods
|
15,770
|
|
17,374
|
|
||
Total inventories
|
$
|
89,330
|
|
$
|
85,807
|
|
(in thousands)
|
March 31, 2017
|
December 31, 2016
|
||||
Definite-lived intangible assets
|
|
|
||||
Customer relationships
|
$
|
58,896
|
|
$
|
47,892
|
|
Unpatented technology
|
18,765
|
|
18,461
|
|
||
Patented technology
|
6,522
|
|
2,499
|
|
||
Tradename
|
21,997
|
|
18,774
|
|
||
Backlog
|
29,933
|
|
28,170
|
|
||
All other
|
7,461
|
|
7,429
|
|
||
Gross value of definite-lived intangible assets
|
143,574
|
|
123,225
|
|
||
Customer relationships amortization
|
(18,987
|
)
|
(17,519
|
)
|
||
Unpatented technology amortization
|
(3,380
|
)
|
(2,864
|
)
|
||
Patented technology amortization
|
(1,701
|
)
|
(1,532
|
)
|
||
Tradename amortization
|
(4,135
|
)
|
(3,826
|
)
|
||
Acquired backlog amortization
|
(25,019
|
)
|
(21,776
|
)
|
||
All other amortization
|
(6,281
|
)
|
(5,974
|
)
|
||
Accumulated amortization
|
(59,503
|
)
|
(53,491
|
)
|
||
Net definite-lived intangible assets
|
$
|
84,071
|
|
$
|
69,734
|
|
|
|
|
||||
Indefinite-lived intangible assets:
|
|
|
||||
Trademarks and trade names
|
$
|
1,305
|
|
$
|
1,305
|
|
Total indefinite-lived intangible assets
|
$
|
1,305
|
|
$
|
1,305
|
|
|
Three Months Ended March 31,
|
|||||
(in thousands)
|
2017
|
2016
|
||||
Balance at beginning of period
|
$
|
71,039
|
|
$
|
37,844
|
|
Business acquisitions and adjustments
|
19,500
|
|
275
|
|
||
Amortization expense
|
(6,012
|
)
|
(1,538
|
)
|
||
Currency translation adjustments and other
|
849
|
|
153
|
|
||
Balance at end of the period
|
$
|
85,376
|
|
$
|
36,734
|
|
Period ending
|
Amortization expense
|
||
Three months ending June 30, 2017
|
$
|
4,458
|
|
Three months ending September 30, 2017
|
$
|
3,874
|
|
Three months ending December 31, 2017
|
$
|
3,539
|
|
Twelve months ending December 31, 2018
|
$
|
11,888
|
|
Twelve months ending December 31, 2019
|
$
|
10,035
|
|
Twelve months ending December 31, 2020
|
$
|
8,787
|
|
Twelve months ending December 31, 2021
|
$
|
8,470
|
|
Twelve months ending December 31, 2022
|
$
|
6,932
|
|
Thereafter
|
$
|
26,088
|
|
(in thousands)
|
March 31, 2017
|
December 31, 2016
|
||||
Land
|
$
|
8,633
|
|
$
|
6,348
|
|
Buildings
|
120,346
|
|
114,322
|
|
||
Machinery and equipment
|
197,363
|
|
189,489
|
|
||
Property under construction
|
15,641
|
|
22,378
|
|
||
|
341,983
|
|
332,537
|
|
||
Less accumulated depreciation
|
194,967
|
|
198,900
|
|
||
Net property, plant and equipment
|
$
|
147,016
|
|
$
|
133,637
|
|
|
Three Months Ended March 31,
|
|||||
(in thousands)
|
2017
|
2016
|
||||
Balance at beginning of period
|
$
|
40,468
|
|
$
|
39,847
|
|
Additions
|
4,253
|
|
5,696
|
|
||
Expirations and other changes
|
(509
|
)
|
(440
|
)
|
||
Increases attributable to business combinations
|
1,060
|
|
—
|
|
||
Payments
|
(2,774
|
)
|
(3,182
|
)
|
||
Translation and other
|
346
|
|
311
|
|
||
Balance at end of period
|
$
|
42,844
|
|
$
|
42,232
|
|
|
Pension Benefits
|
|
Other Benefits
|
||||||||||
|
Three Months Ended March 31,
|
|
Three Months Ended March 31,
|
||||||||||
(in thousands)
|
2017
|
2016
|
|
2017
|
2016
|
||||||||
Service cost
|
$
|
274
|
|
$
|
384
|
|
|
$
|
4
|
|
$
|
6
|
|
Interest cost
|
10,257
|
|
10,576
|
|
|
221
|
|
211
|
|
||||
Expected return on plan assets
|
(14,856
|
)
|
(14,927
|
)
|
|
—
|
|
—
|
|
||||
Amortization of prior service cost
|
25
|
|
141
|
|
|
(900
|
)
|
—
|
|
||||
Recognized net actuarial loss
|
1,062
|
|
—
|
|
|
—
|
|
—
|
|
||||
Net periodic benefit cost (benefit)
|
$
|
(3,238
|
)
|
$
|
(3,826
|
)
|
|
$
|
(675
|
)
|
$
|
217
|
|
(in thousands)
|
March 31, 2017
|
December 31, 2016
|
||||
United States
|
$
|
90,000
|
|
$
|
9,800
|
|
Foreign
|
12,647
|
|
14,241
|
|
||
Total revolving debt
|
$
|
102,647
|
|
$
|
24,041
|
|
|
Asset and Liability Derivatives
|
|||||
(in thousands)
|
March 31, 2017
|
December 31, 2016
|
||||
Derivatives designated as hedges:
|
|
|
||||
Foreign exchange contracts:
|
|
|
||||
Location of FX forward contracts designated as hedges:
|
|
|
||||
Accounts receivable-other
|
$
|
2,225
|
|
$
|
3,805
|
|
Other assets
|
650
|
|
665
|
|
||
Accounts payable
|
647
|
|
1,012
|
|
||
Other liabilities
|
—
|
|
213
|
|
||
|
|
|
||||
Derivatives not designated as hedges:
|
|
|
||||
Foreign exchange contracts:
|
|
|
||||
Location of FX forward contracts not designated as hedges:
|
|
|
||||
Accounts receivable-other
|
$
|
3
|
|
$
|
105
|
|
Accounts payable
|
312
|
|
403
|
|
||
Other liabilities
|
—
|
|
7
|
|
|
Three Months Ended March 31,
|
|||||
(in thousands)
|
2017
|
2016
|
||||
Derivatives designated as hedges:
|
|
|
||||
Cash flow hedges
|
|
|
||||
Foreign exchange contracts
|
|
|
||||
Amount of gain (loss) recognized in other comprehensive income
|
$
|
5,901
|
|
$
|
3,210
|
|
Effective portion of gain (loss) reclassified from AOCI into earnings by location:
|
|
|
||||
Revenues
|
5,288
|
|
1,323
|
|
||
Cost of operations
|
3
|
|
(23
|
)
|
||
Other-net
|
(393
|
)
|
4
|
|
||
Portion of gain (loss) recognized in income that is excluded from effectiveness testing by location:
|
|
|
||||
Other-net
|
241
|
|
582
|
|
||
|
|
|
||||
Derivatives not designated as hedges:
|
|
|
||||
Forward contracts
|
|
|
||||
Gain (loss) recognized in income by location:
|
|
|
||||
Other-net
|
$
|
(310
|
)
|
$
|
(110
|
)
|
(in thousands)
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities
|
March 31, 2017
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Commercial paper
|
$
|
5,692
|
|
|
$
|
—
|
|
|
$
|
5,692
|
|
|
$
|
—
|
|
Certificates of deposit
|
1,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
||||
Mutual funds
|
1,205
|
|
|
—
|
|
|
1,205
|
|
|
—
|
|
||||
Corporate bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
U.S. Government and agency securities
|
8,245
|
|
|
8,245
|
|
|
—
|
|
|
—
|
|
||||
Total fair value of available-for-sale securities
|
$
|
16,142
|
|
|
$
|
8,245
|
|
|
$
|
7,897
|
|
|
$
|
—
|
|
(in thousands)
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities
|
December 31, 2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Commercial paper
|
$
|
6,734
|
|
|
$
|
—
|
|
|
$
|
6,734
|
|
|
$
|
—
|
|
Certificates of deposit
|
2,251
|
|
|
—
|
|
|
2,251
|
|
|
—
|
|
||||
Mutual funds
|
1,152
|
|
|
—
|
|
|
1,152
|
|
|
—
|
|
||||
Corporate bonds
|
750
|
|
|
750
|
|
|
—
|
|
|
—
|
|
||||
U.S. Government and agency securities
|
7,104
|
|
|
7,104
|
|
|
—
|
|
|
—
|
|
||||
Total fair value of available-for-sale securities
|
$
|
17,991
|
|
|
$
|
7,854
|
|
|
$
|
10,137
|
|
|
$
|
—
|
|
Derivatives
|
March 31, 2017
|
|
December 31, 2016
|
||||
Forward contracts to purchase/sell foreign currencies
|
$1,919
|
|
$2,940
|
•
|
Cash and cash equivalents and restricted cash and cash equivalents
. The carrying amounts that we have reported in the accompanying condensed consolidated balance sheets for cash and cash equivalents and restricted cash and cash equivalents approximate their fair values due to their highly liquid nature.
|
•
|
Revolving debt
. We base the fair values of debt instruments on quoted market prices. Where quoted prices are not available, we base the fair values on the present value of future cash flows discounted at estimated borrowing rates for similar debt instruments or on estimated prices based on current yields for debt issues of similar quality and terms. The fair value of our debt instruments approximated their carrying value at
March 31, 2017
and
December 31, 2016
.
|
(in thousands)
|
2017
|
2016
|
||||
Accrued capital expenditures in accounts payable
|
$
|
552
|
|
$
|
4,500
|
|
•
|
$6.0 million
and
$1.5 million
of intangible asset amortization expense was recognized during the first quarters of 2017 and 2016, respectively. We expect
$17.9 million
of amortization in the full year 2017 compared to $19.9 million of amortization in the full year 2016.
|
•
|
$2.6 million
of restructuring expense was recognized in the first quarter of 2017 related to restructuring activities announced in prior years. The actions restructured our business that serves the power generation market in advance of lower demand projected for power generation from coal in the United States. In the first quarter of 2016,
$1.2 million
of restructuring expense was recognized related to restructuring initiatives that began prior to 2016.
|
•
|
$1.1 million
of actuarially determined mark to market losses were recognized in the first quarter of 2017, caused by lump sum settlement payments from our Canadian pension plan in the first quarter of 2017.
|
•
|
$0.4 million
of expense directly related to the spin-off from our former Parent was recognized in the first quarter of 2017 compared to $1.9 million in the first quarter of 2016. The costs were primarily attributable to employee retention awards.
|
|
Three Months Ended March 31,
|
||||||||
(In thousands)
|
2017
|
2016
|
$ Change
|
||||||
Revenues:
|
|
|
|
||||||
Power segment
|
$
|
196,296
|
|
$
|
288,703
|
|
$
|
(92,407
|
)
|
Renewable segment
|
105,536
|
|
83,773
|
|
21,763
|
|
|||
Industrial segment
|
92,217
|
|
32,466
|
|
59,751
|
|
|||
Eliminations
|
(2,945
|
)
|
(826
|
)
|
(2,119
|
)
|
|||
|
391,104
|
|
404,116
|
|
(13,012
|
)
|
|||
Gross profit (loss):
|
|
|
|
||||||
Power segment
|
42,963
|
|
59,532
|
|
(16,569
|
)
|
|||
Renewable segment
|
10,594
|
|
13,379
|
|
(2,785
|
)
|
|||
Industrial segment
|
15,315
|
|
7,756
|
|
7,559
|
|
|||
Intangible asset amortization expense included in cost of operations
|
(5,018
|
)
|
(511
|
)
|
(4,507
|
)
|
|||
Mark to market adjustments included in cost of operations
|
(954
|
)
|
—
|
|
(954
|
)
|
|||
|
62,900
|
|
80,156
|
|
(17,256
|
)
|
|||
Selling, general and administrative expenses
|
(65,922
|
)
|
(57,687
|
)
|
(8,235
|
)
|
|||
Restructuring activities and spin-off transaction costs
|
(3,032
|
)
|
(4,010
|
)
|
978
|
|
|||
Research and development costs
|
(2,262
|
)
|
(2,842
|
)
|
580
|
|
|||
Intangible asset amortization expense included in SG&A
|
(994
|
)
|
(1,027
|
)
|
33
|
|
|||
Mark to market adjustment included in SG&A
|
(106
|
)
|
—
|
|
(106
|
)
|
|||
Equity in income (loss) of investees
|
618
|
|
2,676
|
|
(2,058
|
)
|
|||
Operating income (loss)
|
$
|
(8,798
|
)
|
$
|
17,266
|
|
$
|
(26,064
|
)
|
|
Three Months Ended March 31,
|
||||||||
(In thousands)
|
2017
|
2016
|
$ Change
|
||||||
Revenues
|
$
|
196,296
|
|
$
|
288,703
|
|
$
|
(92,407
|
)
|
Gross profit (loss)
|
$
|
42,963
|
|
$
|
59,532
|
|
$
|
(16,569
|
)
|
% of revenues
|
21.9
|
%
|
20.6
|
%
|
|
|
Three Months Ended March 31,
|
||||||||
(In thousands)
|
2017
|
2016
|
$ Change
|
||||||
Revenues
|
$
|
105,536
|
|
$
|
83,773
|
|
$
|
21,763
|
|
Gross profit
|
$
|
10,594
|
|
$
|
13,379
|
|
$
|
(2,785
|
)
|
% of revenues
|
10.0
|
%
|
16.0
|
%
|
|
|
Three Months Ended March 31,
|
||||||||
(In thousands)
|
2017
|
2016
|
$ Change
|
||||||
Revenues
|
$
|
92,217
|
|
$
|
32,466
|
|
$
|
59,751
|
|
Gross profit
|
$
|
15,315
|
|
$
|
7,756
|
|
$
|
7,559
|
|
% of revenues
|
16.6
|
%
|
23.9
|
%
|
|
(In approximate millions)
|
March 31, 2017
|
December 31, 2016
|
March 31, 2016
|
||||||
Power
|
$
|
598
|
|
$
|
615
|
|
$
|
779
|
|
Renewable
|
1,171
|
|
1,241
|
|
1,479
|
|
|||
Industrial
|
252
|
|
216
|
|
67
|
|
|||
Backlog
|
$
|
2,021
|
|
$
|
2,072
|
|
$
|
2,325
|
|
|
Three months ended March 31,
|
|
|||||||
(In thousands)
|
2017
|
2016
|
$ Change
|
||||||
Income (loss) before income taxes
|
$
|
(10,808
|
)
|
$
|
17,219
|
|
$
|
(28,027
|
)
|
Income tax expense (benefit)
|
$
|
(3,967
|
)
|
$
|
6,626
|
|
$
|
(10,593
|
)
|
Effective tax rate
|
36.7
|
%
|
38.5
|
%
|
|
|
Three months ended March 31,
|
|||||
(In thousands)
|
2017
|
2016
|
||||
United States
|
$
|
(8,675
|
)
|
$
|
10,928
|
|
Other than United States
|
(2,133
|
)
|
6,291
|
|
||
Income (loss) before income taxes
|
$
|
(10,808
|
)
|
$
|
17,219
|
|
Period
|
|
Total number of shares purchased
(1)
|
Average
price paid
per share
|
Total number of
shares purchased as
part of publicly
announced plans or
programs
|
Approximate dollar value of shares that may
yet be purchased under
the plans or programs
(in thousands)
(2)
|
||||||
January 1, 2017 - January 31, 2017
|
|
1,262
|
|
$—
|
—
|
|
$100,000
|
||||
February 1, 2017 - February 28, 2017
|
|
—
|
|
$—
|
—
|
|
$100,000
|
||||
March 31, 2017 - March 31, 2017
|
|
78,578
|
|
$—
|
—
|
|
$100,000
|
||||
Total
|
|
79,840
|
|
|
—
|
|
|
(1)
|
The shares repurchased during January, February and March 2017 shown in the table above are those repurchased pursuant to the provisions of employee benefit plans that require us to repurchase shares to satisfy employee statutory income tax withholding obligations.
|
(2)
|
On August 4, 2016, we announced that our board of directors authorized the repurchase of an indeterminate number of our shares of common stock in the open market at an aggregate market value of up to $100 million over the next twenty-four months. As of May 9, 2017, we have not made any share repurchases under the August 4, 2016 share repurchase authorization.
|
|
Amended and Restated Bylaws of Babcock & Wilcox Enterprises, Inc. (incorporated by reference to the Babcock & Wilcox Enterprises, Inc. Current Report on Form 8-K filed March 15, 2017 (File No. 001-36876))
|
|
|
|
|
|
Amendment No. 2 dated February 24, 2017 to Credit Agreement, dated May 11, 2015, among Babcock & Wilcox Enterprises, Inc., as the Borrower, Bank of America, N.A., as Administrative Agent, and the other Lenders party thereto (incorporated by reference to Exhibit 10.27 to the Babcock & Wilcox Enterprises, Inc. Annual Report on Form 10-K for the year ended December 31, 2016 (File No. 001-36876))
|
|
|
|
|
|
Rule 13a-14(a)/15d-14(a) certification of Chief Executive Officer
|
|
|
|
|
|
Rule 13a-14(a)/15d-14(a) certification of Chief Financial Officer
|
|
|
|
|
|
Section 1350 certification of Chief Executive Officer
|
|
|
|
|
|
Section 1350 certification of Chief Financial Officer
|
|
|
|
|
|
Mine Safety Disclosure
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
May 9, 2017
|
|
|
BABCOCK & WILCOX ENTERPRISES, INC.
|
|
|
|
|
|
|
By:
|
/s/ Daniel W. Hoehn
|
|
|
|
Daniel W. Hoehn
|
|
|
|
Vice President, Controller & Chief Accounting Officer
|
|
|
|
(Principal Accounting Officer and Duly Authorized Representative)
|
1 Year Babcock and Wilcox Enter... Chart |
1 Month Babcock and Wilcox Enter... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions